German Insurer Allianz's Profits Fall 8.8%
MUNICH (TheStreet) -- German insurer Allianz (AZ) said third-quarter earnings fell 8.8% on higher tax expenses despite a revenue rise of 11.4%.
Allianz, Europe's largest life insurance company, said net profit was €1.27 billion ($1.76 billion) vs. €1.39 billion a year earlier.
Revenue in the quarter increased by 11.4% to €24.5 billion.
Allianz said it expects its full-year operating profit to to "trend towards the upper end" of its target range of around €7.2 billion, "plus or minus €500 million." Allianz also said for the first time since 2005 it's likely to end the year with total revenue above €100 billion.
Third-quarter operating profit rose 2.3% to €2.06 billion.-- Written by Joseph Woelfel
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